The Munich insurer Allianz came through the corona pandemic unexpectedly well.
But the group is very concerned about developments on the financial markets.
Munich - The Munich insurer Allianz has warned of a dangerous speculative bubble on the stock exchanges.
"We are very worried about the issue of financial market stability," said group boss Oliver Bäte on Friday at the annual press conference in Munich.
Especially on the stock markets, the development is similar to the situation before the 2008/09 crash and the crash of 2000. "Some celebrity buys some Bitcoin and then the prices for these assets explode," said Bäte, referring to Tesla * boss Elon Musk.
"That's pretty crazy, we really have to be careful."
Europe's largest insurer has reduced the proportion of shares in its investments to make sure that potential volatility does not in any way seriously affect Allianz.
"I cannot predict a crash, otherwise I would probably have another job (...) otherwise I would probably have something different to do," said Bäte.
There have been repeated warnings of a speculative bubble in recent months.
Allianz: top earners in the Dax
In the Corona * year 2020, Allianz had to accept a minus of 14 percent to 6.8 billion euros in net profit.
Operationally, the Munich-based company earned 10.8 billion euros.
Without the burdens from the pandemic, the operating result would have been 1.3 billion euros higher, the company said.
Despite the decline, Allianz should be top earners in the Dax.
The shareholders should also benefit from this.
As in the previous year, they should receive a dividend of EUR 9.60.
* Merkur.de is part of the Ippen Digital editorial network.
